Billionaire Elon Musk's xAI successfully raised $6 billion

According to legal filings, in May, billionaire Elon Musk's xAI successfully raised $6 billion and was valued at $24 billion.

xAI was founded by Elon Musk in 2023 to compete with OpenAI. (Source: Bloomberg)

According to a December 5 filing with the US Securities and Exchange Commission (SEC), 97 investors participated in xAI’s funding round, including amounts as small as $77,593. The company did not list the investors or provide valuation or revenue.

Elon Musk founded xAI in 2023 and has been actively raising funds for the project ever since. In May, the company closed a $6 billion funding round and was valued at $24 billion.

Many of xAI's current investors, like Sequoia Capital and Andreessen Horowitz, are also investors in Musk's other businesses like X.

At least some of the money raised will go toward xAI’s new supercomputer in Memphis, which local officials are calling “the largest investment in the city’s history.” xAI plans to expand the project to accommodate at least 1 million Nvidia graphics processing units (GPUs).

The project is also attracting other major technology companies to the area, including Nvidia, Dell, and Super Micro Computer.

xAI’s main product – the Grok chatbot – is available to paying X users. xAI was created to compete with OpenAI, the developer of the ChatGPT chatbot that billionaire Musk co-founded.

Source: https://baoquocte.vn/xai-cua-ty-phu-elon-musk-gon-von-thanh-cong-6-ty-usd-296500.html